The forecast for business enterprise R&D expenditure in the US manufacturing sector for electrical equipment shows an annual increase, starting at $6.04 billion in 2024, and growing to $6.74 billion by 2028. In 2023, the expenditure was at $5.88 billion. The year-on-year growth from 2023 to 2024 is approximately 2.7%, with subsequent annual growth rates of around 2.9%. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is approximately 2.7%.

Future trends to watch for:

Increased integration of sustainable and green technologies, influencing R&D expenditure.
Growing demand for smart and connected devices driving innovation.
Potential regulatory changes impacting R&D focus and investments.